Iran's currency falls to an all-time low as Trump clinches the US presidency
Iran’s currency has fallen to an all-time low as former President Donald Trump clinched the U.S. presidency again
By AMIR VAHDAT and NASSER KARIMI
Published - Nov 06, 2024, 08:28 AM ET
Last Updated - Dec 16, 2024, 05:38 PM EST
TEHRAN, Iran (AP) — Iran’s currency fell on Wednesday to an all-time low as Donald Trump clinched the U.S. presidency again, signaling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East.
The rial traded at 703,000 rials to the dollar, traders in Tehran said, breaking through the record before recovering slightly later in the day to 696,150 to $1.
It wasn't immediately clear what caused the rally but Iran’s Central Bank has in the past flooded the market with more hard currencies as an attempt to improve the rate.
The slide comes as the rial already faces considerable woes over its sharp slide in value — and as the mood on the streets of Tehran among some darkened.
